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Chase auto loan - late payments 4 years ago

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ChampagneKing
New Member

Chase auto loan - late payments 4 years ago

Hello everyone! I bought a nice car when I was 18, back in 2015. Bought it from a Porsche dealership, they financed it though Chase.

 

In 2017 I had several 30 days late payments, a few 60 day late payments.

In 2019, I had several 30 days late payments, a 60, and one 90 day late payment.

 

I eventually caught up the payments and paid off the car in April 2020. Chase sent the title after a few weeks.

 

Is my relationship done with chase? They will not approve me for any type of credit cards.

 

In 2021 April, I purcahsed a Range Rover. Put down $20k and $75k was financed by US Bank.

In 2021 August, I purchased an Audi for $53k, traded in a vehichle worth 13k, financed 40k from Audi Financial (VW Credit). It was really tough getting the second auto loan. I had to add my wife as a co-signer. The account shows up on my credit profile as a joint account.

 

Both times they mentioned the Chase auto loan with the late payments. The US bank auto loan I paid off after 1 year. As soon as I did that, my credit score dropped by like 20 points. I still have the VW Credit auto loan, still owe about $25k on it.

 

Is there anything I can do to improve my relatioship with Chase? Perhaps open a Savings account and deposit $100k to $300k? Or those are rookie numbers? I've been reading mixed things on this forum regarding Chase Bank.

 

Please help on how I can improve my relationship with Chase Bank so I can get credit cards with them in the future.

 

I'm currently gardening.

I've suprassed the 5/24 now. I will be under the 5/24 in about 5 months. I have Bank of America Credit card $7,400 limit, US Bank $5k, Apple Card $3k, Cap one $3k, Cap one secured $650, Amex Platinum, Amex blue card $3k.

 

 

 

Starting Score: 560
Current Score: 700
Goal Score: 800


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9 REPLIES 9
TRC_WA
Senior Contributor

Re: Chase auto loan - late payments 4 years ago


@ChampagneKing wrote:

 

Is there anything I can do to improve my relatioship with Chase? Perhaps open a Savings account and deposit $100k to $300k? Or those are rookie numbers? 

 

 

 


Can't tell if you're serious or not.  Smiley LOL

FICO8 current as of : 4-17-24 EQ: 724 TU: 707 EX: 706
Hard INQs last 12 months: EQ: 5 | TU: 8 | EX: 9
Verizon Visa $8500 Amex Delta Reserve $10,000 Care Credit $18,000
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NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) 6.95%
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Total CL: $64,000 --- Total CC UTI: 27% --- AAoA: 5.5 years --- Income: $200k
Last app: 4-6-24
Message 2 of 10
fury1995
Valued Contributor

Re: Chase auto loan - late payments 4 years ago

Honestly no. Chase's auto lending division is completely separate from their credit card division. The relationships you build are independent from each other. Their underwriting for auto loans use different factors.

August 28, 2023 FICO 8

August 28, 2023 FICO BankCard 8

August 28, 2023 FICO Auto 8

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Message 3 of 10
ChampagneKing
New Member

Re: Chase auto loan - late payments 4 years ago

That's exactly the answer I was looking for. Thanks!

Starting Score: 560
Current Score: 700
Goal Score: 800


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Message 4 of 10
SweetCreditObsession
Valued Contributor

Re: Chase auto loan - late payments 4 years ago


@ChampagneKing wrote:

Hello everyone! I bought a nice car when I was 18, back in 2015. Bought it from a Porsche dealership, they financed it though Chase.

 

In 2017 I had several 30 days late payments, a few 60 day late payments.

In 2019, I had several 30 days late payments, a 60, and one 90 day late payment.

 

I eventually caught up the payments and paid off the car in April 2020. Chase sent the title after a few weeks.

 

Is my relationship done with chase? They will not approve me for any type of credit cards.

 

In 2021 April, I purcahsed a Range Rover. Put down $20k and $75k was financed by US Bank.

In 2021 August, I purchased an Audi for $53k, traded in a vehichle worth 13k, financed 40k from Audi Financial (VW Credit). It was really tough getting the second auto loan. I had to add my wife as a co-signer. The account shows up on my credit profile as a joint account.

 

Both times they mentioned the Chase auto loan with the late payments. The US bank auto loan I paid off after 1 year. As soon as I did that, my credit score dropped by like 20 points. I still have the VW Credit auto loan, still owe about $25k on it.

 

Is there anything I can do to improve my relatioship with Chase? Perhaps open a Savings account and deposit $100k to $300k? Or those are rookie numbers? I've been reading mixed things on this forum regarding Chase Bank.

 

Please help on how I can improve my relationship with Chase Bank so I can get credit cards with them in the future.

 

I'm currently gardening.

I've suprassed the 5/24 now. I will be under the 5/24 in about 5 months. I have Bank of America Credit card $7,400 limit, US Bank $5k, Apple Card $3k, Cap one $3k, Cap one secured $650, Amex Platinum, Amex blue card $3k.

 

 

 


Your credit profile is what they're looking at. The number of lates and the recency of them, along with your exceeding the 5/24 rule is having a negative impact.

 

The lates are going to suppress your scores until you manage to get them good willed off or they age off. Be aware that paying off an installment account will often result in a temporary dip in your scores. It hurts more if you do not have any other open installment accounts.

 

You're doing well to stay in the garden and build up a good history with all of your credit accounts, especially your credit cards. This will help prove that you're a low risk in extending the unsecured credit that you're seeking with Chase.



(+102) | (+106) | (+151)
| TU Fico 9: ? | Exp Fico 9: ? | EQ Fico 9: ?| EQ Fico 8 Bankcard: TBA

Initial Goal: Min. 740 w/all CRAs - Met
Interim Goal: 780 w/all CRAs - Met
Current Goal(s): Min. 800 w/all CRAs
Gardening Until: ??/??/202?| Last App: 10/20/2023





Message 5 of 10
ChampagneKing
New Member

Re: Chase auto loan - late payments 4 years ago

Thanks! I guess I will just wait and let time pass by.

Starting Score: 560
Current Score: 700
Goal Score: 800


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Message 6 of 10
SweetCreditObsession
Valued Contributor

Re: Chase auto loan - late payments 4 years ago

@ChampagneKing, keep up the good work. 

 

The sting of lates diminishes over time, resulting in your scores having the potential to rise higher.

 

The positive management of your other credit lines also helps tremendously. I also recommend that you monitor posts about Chase cards on the Credit Cards, Credit Card Applications, and Credit Card Approvals boards on this site. You'll learn from the experiences of others and can ask questions about their profiles to get a better idea of what Chase is looking at when granting approvals or denying credit.

 

Best wishes.

 

Best wishes.



(+102) | (+106) | (+151)
| TU Fico 9: ? | Exp Fico 9: ? | EQ Fico 9: ?| EQ Fico 8 Bankcard: TBA

Initial Goal: Min. 740 w/all CRAs - Met
Interim Goal: 780 w/all CRAs - Met
Current Goal(s): Min. 800 w/all CRAs
Gardening Until: ??/??/202?| Last App: 10/20/2023





Message 7 of 10

Re: Chase auto loan - late payments 4 years ago

Feel free to ignore this question if it's to personal, but reading your story I found myself wondering what on earth do you do for a living?

Trying to imagine a career path that allows one to go from extended periods of missed payments from 2017-2019, to two years later purchasing multiple vehicles and having $300k on hand. 


Message 8 of 10
donkort
Valued Contributor

Re: Chase auto loan - late payments 4 years ago

What were your credit scores at the time you applied for the Chase cards?

 

Also:  being that you're in pretty good financial straits at this point, I would definitely wait for the 7 years after the 2019 lates to apply again from Chase.

 

I'm getting maybe a half of million dollars soon.  I certainly wouldn't apply for any sort of loan if I still have the lates on my report.   Or even ever, if possible.  

FICO 8: EQ 810; TU 816; EX 822 as of 7/5/2022
Message 9 of 10
Snoopy916
Valued Member

Re: Chase auto loan - late payments 4 years ago

i know quite a few people like this.  it's called rich daddy lol.   23, paid off house, boat and TRX in the driveway.  Couldn't get approved for a Honda Civic if they put 50% down.

 

PS, nothing wrong with it , but I do see it quite often.

Message 10 of 10
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